Accounting Vs. Auditing: Which Is Which?

Accounting and auditing are two processes important in businesses. While many individuals confuse accounting and auditing’s purposes, people who have or are planning to build business ventures should be aware of its functions.The process of auditing begins when accounting ends. Accounting is when companies keep track of monetary transactions. It also involves reporting financial statements of the business. There are three branches in accounting: financial accounting (maintaining, grouping, processing, and analyzing financial reports), cost accounting (identifying key costs), and managerial accounting (planning and support).

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Auditing, on the other hand, is the process of determining the accurate picture of accounting books. It happens after accounting in a certain timeframe (usually a year) is completed. While accounting and auditing are related fields, auditing is a much wider one. It involves an understanding of tax rules, accounting standards, and even the knowledge of various financial activities and transactions. Excellent communication skills are also required in auditing.

Auditing is divided into two: external and internal auditing. External auditing is performed by agencies outside the company. Many countries require companies to have their financial statements audited by external agencies. External auditing is sometimes required by court order, especially if a company declares bankruptcy, or if they have been called out for fraudulent activity. Internal auditing is done to understand various accounting processes and risks. It can be done by employees of the company or by an outsourced agency.

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Eddie O’Brien is the CEO of the Americas at Arvato Bertelsmann. He has worked as an executive for various companies including Microsoft and is also a certified public accountant. Visit this blog for related reads.

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Accounting Vs. Auditing: Which Is Which?

The Role It Plays In Your Business’ Survival

In the past two decades, the world has seen a shift in the way individuals interact, research, shop, and manage businesses. Nowadays, technology is paramount to the success of ventures. Most business operations, from marketing down to security issues, now begin in the digital world.

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Business leaders need to be knowledgeable in Information Technology, given its prominence in operations. Since it has changed significantly the face of modern business, IT systems are considerable investments.

Communications, both internal and external, are simplified and expedited by technology. Internal communication is coordinated within a firm or its different departments, while external communication includes a company’s relations with clients, potential clients, and public. External communications involve managing e-mails, social media accounts, online newsletters, and other platforms.

Meanwhile, a chunk of a company’s marketing is carried out digitally. Digital marketing necessitates technology support teams to implement and repair various kinds of software. A competent IT team is as critical to business survival, as it is to the success of any digital marketing strategy. Processes such as search engine optimization, website development, blogging, and social media targeting all demand professionals with the competence to deliver.

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Edmund O’ Brien is the CEO of the Americas at Arvato Bertelsmann, overseeing the growth and execution of a multibillion-dollar business that delivers a host of BPO services including SCM, CRM, financial, and IT solutions. For more updates from Edmund O’ Brien, subscribe to this blog.

The Role It Plays In Your Business’ Survival

The Benefits Of Information Management

All successful business leaders understand that to ensure profitability or sustainability, customer and organizational preferences must be met. And with today’s abundance of data, it is easier to meet those requirements – if there is an information management system in place. The benefits of information management are the following:

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  • Operational efficiency: Because information management is capable of catalyzing high-quality and organized data to be delivered to the right people at the right time, company processes can be improved and streamlined. Redundancy of processes can be identified and eliminated, and resources, including time and finances, can be maximized.

 

  • Data security: Data is valuable not just to an organization, but also to other criminals who plan on using it for illegal activities. Therefore, it is important to make sure that proprietary information do not fall into the wrong hands. With an information management system, a security infrastructure is implemented.

 

  • Organizational agility: Most businesses operate in a continuously changing environment and market; without the ability to grow and adapt to these, organizations risk losing to competition. Information management processes help businesses thrive in these conditions. Furthermore, it also promotes scalability, if ever the company has to expand or downsize.
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There are many hurdles that challenge the implementation of an information management system in an organization, including evolving product diversity, shorter development cycles, and communication issues. Arvato Bertelsmann, the American region of which is led by CEO Edmund O’ Brien, offers an integrated information management solution that has been shaped by more than 45 years of experience in the industry. To read more about smart processes and technology, subscribe to this blog.

The Benefits Of Information Management

Skype’s ‘Content Creator’ Mode To Offer Call Recording And More

Collaborations are now easier with Skype. Microsoft has recently revealed in a blog post that it will be launching a call recording feature for Skype’s ‘Content Creator’ mode.

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The software, which is a staple for many businesses and organizations, is known for its effective, powerful audio and video call features. For businesses that allow or require telecommuting of their employees, this new update will help create a more productive workplace.

The new feature will be available soon. Skype’s ‘Content Creator’ mode targets users like vloggers, streamers, and digital broadcasters to have live streaming calls (via YouTube), podcasts, and recorded videos via the platform. With the ‘Content Creator’ mode, users won’t have to invest in studio equipment because they can easily share their experiences through Skype.

Aside from call recording, users can also import and edit recording with Adobe Premiere Pro and Audition. It also supports third-party applications like Wirecast, Xsplit, and Vmix. With these new features, other screen capture applications won’t be needed as Skype can now provide clean feeds to video call participants with the users’ NBI-enabled software of choice. The update will be available to Windows 10 and Mac users.

In August 2017, Microsoft partnered with PayPal to allow users to send money through Skype. It looks like Microsoft is aggressive when it comes to launching new features for Skype.

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Eddie O’Brien is the CEO of the Americas at Arvato Bertelsmann. Before joining Arvato, he worked at Microsoft. For the latest technology and business updates, click here.

Skype’s ‘Content Creator’ Mode To Offer Call Recording And More

Customer relationship management: Its benefits for organizations

Creating a differentiated experience for customers and building their trust can help companies retain customers and bring in more sales. And one of the best business tools to achieve those is customer relationship management (CRM).

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It is an approach that aims to gather and consolidate customer data from various channels such as direct interaction, digital channels, and others. These pieces of information are then analyzed to determine the best ways to manage present and potential customers and cater to their needs.

Some of the benefits of implementing CRM are the following:

  • Customer service: Because an organization is able to learn more about the customers, including their personal information and preference, feedback, and such, better value can be created, and excellent customer service can be delivered. These result in higher customer satisfaction.

  • Automation: Business activities are comprised of both small and large tasks, the former of which can be time-consuming, yet critical to the organization’s success. The right CRM system can be instrumental in the automation of these tasks, meaning the employee’s efforts can be funneled into more value-adding activities.

 

  • Collaboration: With CRM, especially one that is could-based, it is possible for different teams within an organization to have access to the same customer data, which can enhance communication and collaboration among them.
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Certified public accountant Edmund O’ Brien currently serves as the CEO of the Americas at Arvato Bertelsmann, an international service provider that offers CRM solutions to a wide range of clients. To read more about Mr. O’ Brien, visit this page.

Customer relationship management: Its benefits for organizations

How Microsoft Took Over The World

Microsoft is undoubtedly one of the biggest tech companies in the world. It’s been just that for several decades now. Almost everyone knows what Microsoft is, and what the brand is all about. Almost every household in the world with technology has something related to Microsoft. And it doesn’t show any signs of stopping anytime soon. However, it started off from very humble beginnings.

Back in the mid-70s, it was Bill Gates and Paul Allen who came up with an interpreter and a simulator, both of which were designed so well that there were no hiccups when they operated together. It was an instant hit when the project was presented to the public in ’75. In fact, a lot of industry experts, technology consultants, and even government officials predicted this interpreter-simulator pair to be the next big thing in the tech industry. A company was built on this invention, and its name was Microsoft. Bill Gates would go on to lead it into the future.

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Five years later, another industry leader, IBM, started using Microsoft’s OS in its computers. Microsoft would earn a percentage for every IBM unit sold in the market. That was how it was going to be for the next five years, with both tech giants making a killing in the tech market.

In 1985, Microsoft developed two operating systems, with one for IBM, and the other, it did in secret. The secret OS, which was almost exactly the same as the second one Microsoft handed to IBM, would be made available to everyone. This third OS catapulted Microsoft above all other competitors. The company even surpassed IBM.

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This was the start of global domination for Microsoft.

Edmund O’Brien currently serves as the CEO of the Americas at Arvato Bertelsmann. He has held several positions in other companies in many different countries in the past including Microsoft. For more on him and his work, follow this Facebook page.

How Microsoft Took Over The World

The Differences Among Public, Private, and Hybrid Clouds

Organizations looking to migrate their IT infrastructure to the cloud have three types of hosting to choose from: public, private, and hybrid. The major differences among these three are discussed below:

Public cloud

In public clouds, the cloud services and infrastructure of an organization are stored off-site and can be accessed through the Internet. There are plenty of vendors that provide public cloud solutions, such as Microsoft, Amazon, and Google. These companies own and operate the servers, are in charge of implementation and security updates, and ensure that data standards for various compliances are met.
This hosting type is considered the most efficient as organizations only need to access or “purchase” the disk space and bandwidth they need.

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Private cloud

In this case, the services and infrastructure are installed, accessed, and maintained in a private network. The data center is located on premises and are operated and managed either by a team commissioned by the organization or a contracted third-party service provider.
This option is best for businesses who value the privacy and security of their data and information.

Hybrid cloud

As the term suggests, hybrid cloud makes use of both private and

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public cloud in hosting the organization’s data. It offers the advantages of both hosting types, making it the most popular option among businesses. It does have a downside, however, as there is a need to keep track of multiple cloud platforms to ensure that the cloud is run effectively.

Eddie O’Brien is the CEO of the Americas at Arvato Bertelsmann, a multibillion dollar BPO services provider. He had previously worked for several multinational companies, including Arthur Anderson, Coca-Cola, Reckitt Benckiser, and Microsoft. Learn more about him by visiting this Google+ page.

The Differences Among Public, Private, and Hybrid Clouds